The Benefits and Pitfalls of Reverse Mortgages
Thursday, August 14, 2008
Audio will be posted in the afternoon.
Alan Ray: As baby boomers get closer to retirement, they often find that most of their net worth is locked in their homes. They could sell, but that's not a good idea in a "down" real estate market that might not revive for years. And, even if they did sell, they'd need some place to live.
One alternative might be what's called a reverse mortgage which allows a person to take the money and not run.
Golden Equity Mortgage will host a free Informational Housing Expo tonight from 6 to 9pm at the Scottish Rite Event Center in Mission Valley.
- Colleen Moore, president of Golden Equity Mortgage .
- Barbara Stuki, director of the home equity and reverse mortgage initiative for the National Council on Aging .